Scranton's father Joseph became president of Lackawanna Iron & Coal after George's death in 1861. Selden Scranton had already returned in 1858 to
Oxford Furnace in New Jersey. William Scranton started working in the family business after his return from Yale, and took over its management after his father's death in 1872. He had to struggle with economic disruptions after the
Panic of 1873, which had effects for years and caused a downturn. In 1874 Scranton traveled to Europe to study the new
Bessemer process for making steel ties, which was being used by England, France and Germany; it had been developed in England by
Henry Bessemer. From 1866 to 1877, eleven Bessemer mills were licensed in the United States. In 1876 Scranton built a new mill at the Lackawanna works for the Bessemer method. As a result, it "doubled capacity and quadrupled its output." The company became one of the top producers of steel in the United States. Beginning in 1891, Scranton worked to develop Scranton Gas & Water, founded by his father in 1858. Although it had in the early decades taken water from the Lackawanna River, industrial pollution spoiled that source. To secure a supply of quality water outside the city, Scranton dammed Stafford Meadow Brook, creating what was commonly known as Lake Scranton. He had a road built around it and a building for overlook and recreation by the public. The reservoir held 2.5 billion gallons. Scranton supported the Scranton Surface Protection Association, founded in 1913 to combat collapse of city streets and neighborhoods caused by underground mining, and force mining companies to compensate for losses. He contributed $10,000 to its efforts. ==Death and legacy==